Last reviewed: 2026-05-28 > Quick answer: A Mercury repower in Ontario typically finances at 7.99% APR through TD Auto Finance arranged by Dealerplan Peterborough, HBW's broker. A $5,000 minimum loan applies. A $17,320 Mercury 115 Pro XS runs about $270/month over 7 years. A...
Last reviewed: 2026-05-28
Quick answer: A Mercury repower in Ontario typically finances at 7.99% APR through TD Auto Finance arranged by Dealerplan Peterborough, HBW's broker. A $5,000 minimum loan applies. A $17,320 Mercury 115 Pro XS runs about $270/month over 7 years. A $24,107 Mercury 150 Pro XS runs about $292/month over 10 years. A $42,000 V8 Pro XS runs about $509/month over 10 years. No down payment required for qualified buyers. Build a real quote at mercuryrepower.ca.
Every repower customer asks the same question before they ask for a quote: what would this actually cost per month?
This page does the math. Real Mercury repower price tiers, Ontario tax treatment, the actual lender path we use, current rates, and the monthly payment numbers we'd quote you.
How HBW finances Mercury repowers
HBW arranges Mercury repower financing through Dealerplan Peterborough, our broker. Dealerplan works with all major Canadian banks. The most common lender for HBW customers is TD Auto Finance, also National Bank and RBC depending on the file.
A common misconception: Sheffield Financial is a Mercury Marine financing partner in the United States. Sheffield is NOT available in Canada. The HBW Canadian equivalent is TD Auto Finance through Dealerplan Peterborough.
HBW's current standard rate is 7.99% APR. Mercury Canada also runs limited-time promotional rates (2.99%, 4.9%) through partner lenders during specific campaign windows.
What this financing path gives you:
- Fixed APR (no rate changes during the term)
- $0 down payment required for qualified buyers
- $5,000 minimum loan amount
- Approvals typically returned in under 24 hours
- Terms from 60 to 120 months (the 120-month option is in high demand for 250+ HP repowers)
- No prepayment penalty
Ontario HST: how it gets handled
In Ontario, every new outboard purchase is subject to 13% HST. The HST is collected at the time of purchase. Most customers roll the HST into the financed amount. You can also pay HST at closing and finance only the engine.
| Engine |
Installed Price |
+ 13% HST |
Total If Financed With HST In |
| Mercury 9.9 ProKicker + install |
$5,000 |
$650 |
$5,650 |
| Mercury 60 FourStroke EFI |
$9,500 |
$1,235 |
$10,735 |
| Mercury 90 FourStroke |
$14,500 |
$1,885 |
$16,385 |
| Mercury 115 Pro XS |
$17,320 |
$2,252 |
$19,572 |
| Mercury 150 Pro XS |
$24,107 |
$3,134 |
$27,241 |
| Mercury 250 V8 Pro XS |
$42,000 |
$5,460 |
$47,460 |
The tables below show principal-only monthly payments (HST paid separately at closing).
Amortization scenarios at 7.99% APR
Python-verified math using M = P x [r(1+r)^n] / [(1+r)^n - 1], r = 7.99% / 12.
| Engine |
Installed (CAD, pre-HST) |
Term |
Monthly |
Total Interest |
Total Paid |
| Mercury 9.9 ProKicker |
$5,000 |
60 mo |
$101.36 |
$1,082 |
$6,082 |
| Mercury 60 FourStroke EFI |
$9,500 |
60 mo |
$192.58 |
$2,055 |
$11,555 |
| Mercury 90 FourStroke |
$14,500 |
84 mo |
$225.93 |
$4,478 |
$18,978 |
| Mercury 115 Pro XS |
$17,320 |
84 mo |
$269.85 |
$5,348 |
$22,668 |
| Mercury 150 Pro XS |
$24,107 |
120 mo |
$292.42 |
$10,983 |
$35,090 |
| Mercury 250 V8 Pro XS |
$42,000 |
120 mo |
$509.35 |
$19,122 |
$61,122 |
All amounts in CAD. HST not included in principal. 7.99% APR current standard rate through TD Auto Finance via Dealerplan Peterborough.
The HBW on-water repower test
Repowers are the highest-risk install in our shop. At HBW we water-test every repower under load before delivery: cold start, idle quality, low-speed handling, on-plane behaviour, top-end RPM at WOT, charging system under load. If the prop is wrong or the rigging has a problem, we catch it at our dock. Every repower gets an on-water test on Rice Lake before pickup. No exceptions.
Common mistakes (the things we push back on)
Other Canadian financing options
| Lender / Path |
Rate context |
Down required |
| TD Auto Finance via Dealerplan (HBW) |
7.99% APR standard; promos as low as 2.99-4.9% |
$0 |
| National Bank via Dealerplan (HBW) |
Similar to TD |
$0 |
| RBC via Dealerplan (HBW) |
Similar profile |
$0 |
| Direct bank marine loan |
Prime + spread |
10-20% typical |
| LBC Capital / Newcoast / BoatLoansCanada |
6.45%+ secured; 9.75%+ unsecured |
Varies |
The current Mercury financing rate (as of 2026-05-28)
Through December 31, 2026, Mercury Marine Canada's TD "Always On" program offers the canonical Canadian rate:
- 5.48% APR (OAC)
- Term up to 60 months (customer's choice)
- Amortization up to 240 months (20-year payment basis)
- Eligible: new Mercury outboards only
Funded through TD Auto Finance via HBW's Dealerplan Peterborough relationship. Live program card at mercuryrepower.ca/promotions.
What the 240-month amortization actually means
The amortization is the basis used to CALCULATE your monthly payment. It is NOT how long you will be paying. Your contract term is up to 60 months. At maturity, the remaining principal is due as a balloon payment.
Worked examples at HBW pricing
| Motor |
Financed |
Monthly (240-mo amort) |
Principal at month 60 |
| Mercury 115 ELPT Pro XS |
$17,320 |
~$119 |
~$13,800 balloon |
| Mercury 150 L Pro XS |
$24,107 |
~$166 |
~$19,200 balloon |
Three real options at month 60: pay the balloon, refinance the balance, or trade in toward a new motor. Most repower customers plan for the trade-in path.
If a $13,000 to $19,000 balloon at year 5 would be uncomfortable, ask about a shorter amortization basis. Higher monthly payment, cleaner end-of-term position. We walk through both versions on a quote.
Ready to build a real quote?
Build a quote at mercuryrepower.ca. If you want to talk through the math or start a pre-approval through Dealerplan Peterborough, call HBW direct.
Phone: 905-342-2153
Email: info@harrisboatworks.ca
Configurator: mercuryrepower.ca
Harris Boat Works, 5369 Harris Boat Works Rd, Gores Landing, ON. Mercury Marine dealer since 1965, current Platinum Dealer. The only Mercury dealer on Rice Lake.
Sources
- Mercury Canada promotional financing examples (2025-2026)
- Ontario HST treatment on marine purchases
- Amortization math verified with Python using standard formula M = P x [r(1+r)^n] / [(1+r)^n - 1]
- HBW current Mercury Pro XS pricing: 115 ProXS $17,320, 150 ProXS $24,107 (as of 2026)
